AU MO017 2017-2024 free printable template

Compassionate release of superannuation is a process whereby a person can access their superannuation early in order to pay for certain costs associated with illness, injury or disability. This includes medical expenses, palliative care, home modifications and other related costs. The process is available to those who can demonstrate that they have an immediate need to access their superannuation savings, and that they have exhausted all other options for support.

Compassionate release of superannuation is available to members of an approved superannuation fund or retirement savings account. Generally, it is the account holder who is required to make an application to the relevant superannuation fund for compassionate release of superannuation.

There is no penalty for late filing of compassionate release of superannuation. However, it is important to note that the amount released must be used for the stated purpose within 12 months of the release or it will be subject to tax.

To fill out a compassionate release of superannuation, follow these steps: 1. Obtain the necessary forms: Contact your superannuation fund provider or visit their website to obtain the compassionate release of superannuation application form. Alternatively, you can contact the Australian Taxation Office (ATO) for information and forms. 2. Understand eligibility criteria: Familiarize yourself with the specific eligibility criteria for compassionate release of superannuation. This typically includes circumstances such as severe financial hardship, medical expenses, disabilities, or mortgage payments. 3. Gather required documents: Collect all supporting documents, such as medical reports, bills, or any relevant financial statements to support your application. Make sure these documents are accurate and up to date. 4. Complete the application form: Fill in the application form with your personal details, including your name, address, date of birth, and contact information. Provide details about your circumstances that justify the compassionate release, such as financial information, medical conditions, or any other supporting evidence. Make sure to read the form carefully and complete all sections accurately. 5. Attach supporting documents: Attach all the necessary supporting documents as mentioned in step 3. Ensure that you include all required paperwork to avoid any delays in processing. 6. Sign and date the form: Sign and date the application form to certify the information provided is true and accurate. 7. Submit the application: Prepare a copy of the filled-out application form and supporting documents for your records. Submit the original form and documents to your superannuation fund provider. They will process your application and communicate the outcome to you. Note: It's recommended to seek professional advice or assistance from a financial advisor or the ATO helpline if you have any doubts or need further clarification while filling out the compassionate release of superannuation application form.

The purpose of compassionate release of superannuation is to provide financial assistance to individuals who are facing severe financial hardship due to specific circumstances. It allows them to access their superannuation funds before reaching the preservation age or retirement age. The compassionate release is typically granted for situations such as medical treatment, medical expenses, palliative care, modifications to a home or vehicle for disability, funeral expenses, or preventing foreclosure on a mortgage. The objective is to alleviate financial strain in times of genuine need and ensure individuals have access to funds for critical and compassionate reasons.

The specific information that must be reported on the compassionate release of superannuation may vary depending on the jurisdiction and regulations in place. However, generally, the following information is required to be reported: 1. Reason for compassionate release: The individual must provide a valid reason for seeking a compassionate release of their superannuation funds. This could include medical treatment costs, mortgage repayments, palliative care, or funeral expenses. 2. Supporting documents: The individual may be required to provide supporting documentation to substantiate their claim for compassionate release. This could include medical certificates, proof of funeral expenses, or court orders, depending on the circumstances. 3. Amount requested: The individual needs to specify the amount of superannuation funds they intend to withdraw or release on compassionate grounds. It is important to note that there may be restrictions on the maximum amount that can be released. 4. Financial hardship details: The individual may need to provide information about their financial circumstances, including their income, assets, debts, and any other relevant financial obligations or hardships. 5. Superannuation account details: The individual must provide their superannuation account information, including the name of the fund, account number, and any other necessary identification details. 6. Declaration and consent: Some jurisdictions may require the individual to sign a declaration or provide consent for the release of their superannuation funds, acknowledging the implications and potential consequences of their decision. It is important to consult the specific regulations and requirements of the relevant jurisdiction and superannuation fund provider to ensure accurate and complete reporting of the compassionate release of superannuation.

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